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Yesterday's final PMI data in the euro area for November broadly confirmed the initial estimates.
Friday's final PMI data for March were even more terrifying than the advance numbers. The composite index in the euro area collapsed to 29.7, from 51.6 in February, lower than the consensus 31.4. A downward revision was coming.
Yesterday's PMI data were an open goal for those with a bearish outlook on the euro area economy.
We're sticking to our call that the Eurozone PMIs have bottomed, though we concede that the picture so far is more one of stabilisation than an outright rebound.
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